Sri Lanka’s exports rebound in June recording US$ 950 million
Sri Lanka’s exports have reportedly rebounded to US$ 950 million in June after falling to US$ 250 million in April 2020 due to the Covid 19 crisis.
Former Economic Development Minister and theoretician of the governing party, Basil Rajapaksa has told the media that the increase in exports shows a strong recovery.
“We have been able to do US$ 950 million of exports in June according to data we have got,” Rajapaksa has told reporters.
“This is a big victory. This is not a U-turn, it is a V-turn. We have got a number close to last year’s level.”
Sri Lanka’s exports plunged in April with the Covid 19 lockdowns, but operations were progressively allowed under health regulations.
Tea and coconut auctions resumed online and apparel firms also shifted to personal protective equipment, local media reports stated.
OSL take:
The rebound in Sri Lanka’s exports sector in June is a positive sign of the country’s economy in the path to recovery after suffering the brunt of the global Covid 19 pandemic. The government of Sri Lanka after imposing restrictions on imports, is focussed on promoting the exports sector. Sri Lanka’s geographical positioning in the Indian Ocean, ease of doing business environment And the many trade agreements as well as trade concessions enjoyed by the country have further helped the country’s exports sector. All this has made Sri Lanka’s exports sector a hotspot for business/investment opportunities.
| Article Code : | VBS/AT/21072020/Z_2 |